Marriott Deal: Gov’t not ‘rushing’ sale; wants adequate scrutiny – Jagdeo

American businessman, Ramy El-Batrawi tendered the winning bid for the Marriott Hotel in Kingston, Georgetown earlier this year but Vice President Dr. Bharrat Jagdeo said the government is not rushing the finalisation of any deal.

Jagdeo, during a People’s Progressive Party Civic (PPP/C) party press conference on Thursday, said the government wants the technical experts to scrutinise the bid made.

Based on local reports, El-Batrawai has concerns about the speed of concluding the deal, noting that he submitted the winning bid months ago. Jagdeo acknowledged these concerns.

He, however, said it is up to National Industrial and Commercial Investments Limited (NICIL), a company wholly owned by the Government of Guyana, to negotiate with the prospective buyer. And Jagdeo stressed that the government will not intervene “unduly” in that technical process unless there are pressing demands to do so.

“This company put in a bid, we have to remain faithful to the bid and our negotiators have to ensure that this country’s interests are protected in those negotiations,” Jagdeo explained.

El-Batrawi tendered the highest bid of US$90 million for the hotel, which is wholly owned by the government.

Initially, six bids were received by NICIL after it issued a prequalification notice and invited bids from individuals or companies interested in the hotel.

The highest of those six bids then was US$65 million, tendered by El-Batrawi. The second highest bid tendered was US$55.5 million from local businessman and owner of the Pegasus Hotel, Robert Badal.

But the government opted not to accept any of those bids, believing that the Kingston hotel was worth a lot more. Subsequently, all six bidders were invited to resubmit bids with a minimum bid price of US$85 million. X, LLC then submitted the US$90 million bid while the Integrated Group Guyana Inc. submitted a US$86.1 million bid.

Jagdeo added that NICIL will soon issue a press release on the negotiations but added that the government is not “rushing” the finalisation of the deal.

“It must be concluded in a manner that must reflect public scrutiny,” he said.